ATLANTA, Aug. 30, 2006 (PRIMEZONE) -- Seven local community partnerships will receive $2.4 million in grants and subsidized loans from the Federal Home Loan Bank of Atlanta's (FHLBank Atlanta) 2006 Affordable Housing Program (AHP) to build, buy, or repair 427 single-family and multifamily housing units in Baltimore, Berlin, Burtonsville, Camp Springs, and Lexington Park.
"AHP is one of the most important financial resources for developers who are trying to meet the demand for more affordable housing choices in high-cost markets such as Maryland and D.C.," said Lynn Brazen, FHLBank Atlanta director of community investment services. "This funding will help create housing for a broad range of Maryland's population -- from first-time homebuyers to the homeless and disabled."
Two housing partnerships in Lexington Park will receive the largest amount of AHP funding in the state. Southern Maryland Tri-County Community Action Committee, Inc. in partnership with Community Bank of Tri-County will receive $1 million in grants and subsidized loans to construct Hunting Creek, a mixed-income subdivision of 100 duplexes and townhomes for first-time homebuyers and renters. Community Bank of Tri-County will also partner with the St. Mary's County Housing Authority to receive a $483,000 grant to provide down-payment and closing-cost assistance to 42 first-time homebuyers in the proposed Gateways subdivision in Lexington Park.
In Baltimore, Helping Up Mission and Farmers and Merchants Bank will use a $500,000 grant to renovate the 210-unit House of Freedom shelter to provide emergency and permanent housing for homeless and formerly homeless residents; while homeless and disabled women in Baltimore will also benefit from a $152,567 grant to the Women's Housing Coalition and SunTrust Bank, which will use the funding to repair 14 units in the Calverton shelter.
Other winning partnerships, which include local banks and community developers, will use grants ranging from $60,000 to $500,000 to develop or rehabilitate rental and homeownership units affordable to lower-income families in:
-- Berlin -- The Easton Housing Authority and SunTrust Bank will
receive a $500,000 grant to buy land for the construction of
Cannery Village, a Planned Unit Development with a proposed 51
single-family homes. The project is part of a larger mixed-use
plan for the community.
-- Burtonsville -- Habitat for Humanity of Montgomery County and OBA
Federal Savings Bank will use a $60,000 grant to build 12
three-bedroom townhomes affordable to very low-income residents as
part of the Linganore Woods subdivision.
-- Camp Springs -- Kairos Development Corporation Inc. and SunTrust
Bank will receive a $100,000 grant to build Middleton Lane Homes,
a proposed development of eight single-family homes for
moderate-income families.
Awards announced today are part of more than $23 million in AHP grants and subsidized loans provided to 12 states and D.C. to support the development of 81 housing development projects. Each year, FHLBank Atlanta sets aside 10 percent of net income to fund the Affordable Housing Program. Since 1990, FHLBank Atlanta has contributed more than $300 million in AHP funds to develop 55,656 housing units and to provide down-payment assistance to more than 5,700 families.
AHP is a competitive award program that provides funds to help develop owner-occupied and rental housing for very low-, low-, and moderate-income families and individuals. FHLBank Atlanta generally grants AHP awards twice a year to member financial institutions and their community housing partners. For the complete list of winners, visit www.fhlbatl.com/ahpwinners.
About FHLBank Atlanta
FHLBank Atlanta is a $145.7 billion financial services organization that provides low-cost financing, community development grants, and other banking services to more than 1,200 financial institutions in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 12 district banks in the Federal Home Loan Bank System, which since 1990 has contributed more than $2 billion to affordable housing development in the United States.
Some of the statements made in this press release may be "forward-looking statements," which include statements with respect to FHLBank Atlanta's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, many of which may be beyond FHLBank Atlanta's control, and which may cause FHLBank Atlanta's actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.
The forward-looking statements may not be realized due to a variety of factors, including future economic and market conditions; changes in demand for advances or consolidated obligation; changes in interest rates; legislative and regulatory changes; political, national and world events; and adverse developments or events affecting or involving other Federal Home Loan Banks or the Federal Home Loan Bank System in general. Additional factors that might cause FHLBank Atlanta's results to differ from these forward-looking statements are provided in detail in FHLBank Atlanta's filings with the Securities and Exchange Commission, which are available at www.sec.gov or through FHLBank Atlanta's website at www.fhlbatl.com.